Monday, July 9, 2012

Indices Trampling On The Spot

After some selling in the morning while slightly undercutting Friday's lows for most indices, the market finally found some traction in the afternoon. But it wasn't after a retest of the days low that a last hour rally got indices back near the high of the day. All in all, a pretty uneventful day, except for commodities. They bounced big from Friday's draw down.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
A nice bounce for oil and metals after Friday's big move down.
The euro is barely moving of the 1.23-level, which was support a month ago. We might see more downside soon. All depends on the news happening in the eurozone, of course.